Net Proration Amount definition
Net Proration Amount. Means, for each Opportunity Partnership's Contributed Opportunity Partnership Assets, a sum calculated in accordance with a proration schedule prepared by such Opportunity Partnership, but subject to the Operating Partnership's reasonable approval, calculated as of the Final Valuation Date describing all then-known liabilities (exclusive of liabilities for mortgage indebtedness then having a term greater than one year) and receivables of such Contributor and its affiliated Titleholders [which, for these purposes may be estimated in good faith and shall be deemed to include as an asset any sums held in escrow for the payment of real estate taxes, insurance or other costs of ownership or operation of the Properties and may be subject to creation of such reserves and, in the case of accounts receivables, such credit quality adjustments as the Contributor and the Operating Partnership reasonably deem appropriate].
Net Proration Amount means, with respect to each Contributor in relation to the Company and the Partnership, an amount equal to the sum of all the credits and debits between such parties with respect to the items to be prorated under Article 11 of this Agreement.